China and five other countries South Korea, India, Bangladesh, Sri Lanka and Laos at their ministerial-level meeting held here unanimously decided that membership and scope of the Bangkok Agreement be further expanded.
While changing the name of Bangkok agreement as Asia-Pacific Trade Agreement (APTA) they agreed in principle that other regional countries like Pakistan should also be allowed to work as its active members, promoting intra-regional trade.
Pakistan has applied for full membership since 1998, and looking forward for sharing the trade concessions, available under the agreement, sources said here on Sunday. The Bangkok Agreement, established in 1975, served as a preferential, tariff arrangement aimed at promoting intra-regional trade, covering trade between the six member states. Commercial Counsellor in Pakistan Embassy Shahid Mahmood who represented Pakistan, in its capacity as associate member at the meeting said, "We wish to join the regional forum as an equal partner". China and some other countries have been supporting Pakistan's request to this effect.
The first ministerial council meeting agreed to kick off the third round preferential tariff rates from next July, China's Ministry of Commerce (MoC) said.
The sources told APP the meeting decided to set preferential tariff rates for some 4,000 items, mainly textile and chemical products.
China granted concessions on 917 items (8 digit) to the other five members when joining the agreement. According to the third round negotiation, China will grant concessions on 169,7 items (8 digit) with an average concession rate of 27 percent, said Chinese Commerce Minister Bo Xilai.
India would grant concessions on 570 items (6 digit), South Korea 136,7 (10 digit), Sri Lanka 427 (6 digit) and Bangladesh 209 (8 digit).
Meanwhile, the five members will grant concessions on about 2,000 items to China with an average concession rate of 30 percent.
According to the sources, delegates from Hong Kong, Macao, Georgia, Mongolia Indonesia and the Philippines also attended the meeting and expressed their desire to play active role making APTA an effective regional trade organisation.
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